Pradhan Mantri Suraksha Bandhan Yojana – Key Features

Pradhan Mantri Suraksha Bandhan Yojana (PMSBY) is one of the schemes which have been launched by the prime minister of India.

This scheme was launched by the prime minister on 1 August 2015.

This scheme is considered affixed deposit scheme which is started at all national banks that would offer a handsome interest rate of 8% on the fixed deposit investment.

Basically this scheme will promote the Fixe Deposit (FD) system in India. Under this scheme the FD holders can use their amount anytime when they are needed.

Now there are special features of better rates of interest attached to the Fixed Deposits.

Features of Pradhan Mantri Suraksha Bandhan Yojana (PMSBY)

Pradhan Mantri Suraksha Bandhan Yojana (PMSBY) is launched with many new features which are beneficial for the FD users.

  • Under this scheme the fixed deposits will be in the form of gift cards and bankers cheque that anyone can gift their loved ones on any occasion.
  • The fixed value of the gifts will be 201, 351 and 5001.the balance amount of the gift card will be deposited as a fixed deposit and will offer an interest rate of 8.
  • If the receiver of the gift card has a bank account and they can deposit these gift cards to their saving account and can take the benefit of the interest rates.
  • The gift cards will be attached to the special features of the various beneficial schemes like Pradhan Mantri Suraksha Bima Yojana (PMSBY) or Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

This scheme is a noble scheme but it has certain limitations and loopholes. In the first phase it is considered as the fixed deposit scheme. But it is definitely not a complete FD scheme as substantial amount will go as a premium for the scheme covered under this Yojana.

Under this scheme the government is offering a series of gift cards in three monetary denominations. The gifts cards are worth 201, 351, and 5001. Instead of offering material gifts that have no long term value the person can offer these gift cards to their loved.

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